MetaMask introduced a feature that allows users to pay for network fees with a choice of Ethereum-based coins instead of ETH.
Gas Station is an enhancement to accessibility announced by the Gas Station on 5th February. It removes the need for users to have native assets in order to cover transaction fees. This update allows users to make transactions by using stablecoins USDT and USDC.
MetaMask plans to add support in the future for other tokens.
Addressing gas fee challenges
Ethereum gas or transaction fees have been an issue for many users over the years, especially during times of network congestion. Traders are often forced to hold a large amount of ETH in order to pay for gas, which is frustrating to those that primarily work with wrap assets and stablecoins.
MetaMask’s Gas Station is expected to streamline transactions, particularly for DeFi users who rely on stablecoin-based trading strategies. The development is part of a larger trend in which DEX trading volumes have shifted more and more to other networks, such as Solana. Transaction fees on these networks are much lower.
Ethereum gas prices have dropped following a recent correction in the market. The average price of a simple transaction has fallen to $1.11 this week.
MetaMask is aiming to remain the most popular self-custody wallet on chain transactions.
Swaps are integrated with Integrated With Swaps
Gas Station will have a direct link to Swaps, ensuring that even during volatile markets, transactions can be processed.
MetaMask uses multiple DEXs (Derivative Exchanges), market makers and liquidity aggregates to source the gas pricing for users. This allows MetaMask to deliver them with the lowest network fees.
MetaMask Swap is the built-in DEX aggregator of MetaMask Wallet. It has enabled more than 36 billion dollars in trading volumes, and 82% occurred on Ethereum. This service is often used by Ethereum whales or high-net worth traders who are responsible for 35% of all swap activities.
MetaMask Swap’s relatively high prices have been criticised despite the convenience it offers. Its seamless integration into the wallet makes it an attractive option for those who want to make quick exchanges without having to manually connect with multiple exchanges.
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